2009 February
Economist: China Stimulus Could Double in Three Years
By Mike Caggeso Associate Editor Money Morning China's already steep $585 billion (4 trillion yuan) stimulus could double over the next three years to as much as $1.2 trillion (8 trillion yuan), a figure that would put the country's economic growth back on track, an economist said at a Beijing summit. Mingchun Sun, chief China [...]
Despite Great Speech, President Obama Presents Risky Plan
By Martin Hutchinson Contributing Editor Money Morning U.S. President Barack Obama's speech to the joint session of Congress late yesterday (Tuesday) was a beautiful performance. His language was exquisite, his delivery was superb, his rhetoric – at times – truly uplifting. It no doubt reflects a fault in my makeup that I found it not entirely [...]
Plan to Repair U.S. Banking System Unveiled by Former Hedge Fund Manager
The economic house of the United States is ready to collapse upon itself, leaving us exposed and defenseless against the next Great Depression. Bureaucratic handymen with a staple gun and a trillion-dollar roll can't paper over holes in bank balance sheets or fill in the others created by plunging consumer spending.
It won't work.
What is needed – and what would arrest the slide in U.S. housing prices – is a renewed general confidence in protective regulations, and tax incentives for investors to buy troubled assets and to make equity investments in banks.
Why the U.S. Government Should be Cut Off Like a Subprime Borrower
By Peter Schiff Guest Columnist Money Morning With millions of homeowners now struggling to repay money that they clearly never should have borrowed, our leaders have been righteously wagging fingers at predatory lenders who allegedly enticed innocent borrowers, and the country, into a financial snake pit. While the mortgage industry clearly deserves a good share [...]
Global Investment News Briefs
Consumer Confidence Hits Record Low; JPMorgan Slashes Dividend; Bernanke Urges Strong Action for 2010 Recovery; Target Profit Tumbles; Oil Pushing Back to $40; Home Depot Beats Estimates U.S. consumer confidence fell to a record low in February, according to the Conference Board index. "Just when you think confidence can't go any lower, the bottom falls [...]
Fixing economy to be Focus of Obama's Address to Congress
Money Morning Staff Reports Fixing the economy will top the agenda when U.S. President Barack Obama addresses Congress tonight (Tuesday) in a televised prime-time speech that will be watched by millions – and which is likely to be the topic of debate for days to come. It is the first chance for the newly elected [...]
AIG to Seek More Government Assistance as it Braces for a $60 Billion Quarterly Loss
By Jason Simpkins Managing EditorMoney Morning American International Group Inc. (AIG) – once the world's largest insurer – is back in discussions with the government to restructure its $150 billion bailout package for the second time in four months, as the company continues to struggle with ratings downgrades, collateral calls from debt investors, writedowns on [...]
December Home Prices Dropped at Record Pace
By Mike Caggeso Associate Editor Money Morning Home prices continued falling in December, setting another record negative pace and revisiting levels not seen since 2003, according to the S&P/Case-Shiller U.S. National Home Price Index. Home prices in all 20 metro areas tracked by the index fell. Overall, prices plunged 2.5% in December from November. The [...]
Global Investment News Briefs
AIG to Post Biggest Loss in U.S. History; Stocks Fall to a 12-year Low; Honda to Post First Quarterly Loss in 15 Years; Toyota Lowers Production Target American Insurance Group (AIG), the insurance giant that is already 80% owned by the U.S. government, is in discussions with the government for more federal funding so it [...]
With Government Talking to Citi About a Larger Stake, Bank Nationalization Still Off the Table
By Jason Simpkins Managing EditorMoney Morning Federal officials are discussing the possibility of converting the U.S. government's preferred shares of Citigroup Inc. (C) to common stock in a move that would boost taxpayers' stake in the company to 40%, The Wall Street Journal reported. The government currently owns $45 billion in preferred Citi shares, or [...]
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